Sovereign Gold Bond investors: Haven't received SGB interest rate? Know what PNB Bank says
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For PNB Bank SGB investors
Punjab National Bank (PNB) has advised its Sovereign Gold Bond (SGB) and RBI Bond investors who have not received their interest and whose bonds have expired or are about to mature, to visit their branch and verify their bank accounts on priority. PNB made the announcement via a social media post on X.
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What is a Sovereign Gold Bond (SGB)? Who is the issuer
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by the Reserve Bank on behalf of the Government of India.
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Wrong account number or closed account number bank
The bank said that “Incase of wrong account number or closed account number bank will not be liable for any delay. In case of unclaimed interest or principal of more than six years, customers have to follow RBI guidelines as mentioned on the RBI website.”
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Not to close the inoperative account
“Further it is requested not to close their operative account till redemption. In case of urgency for closure of operative account, please provide alternative account details before proceeding for operative account closure failing which redemption and interest amount will not be credited”, the bank said.
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What are the procedures involved during redemption?
The investor will be advised one month before maturity regarding the ensuing maturity of the bond.
On the maturity date, the maturity proceeds will be credited to the bank account as per the details on record.
In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/SHCIL/PO promptly.
On the maturity date, the maturity proceeds will be credited to the bank account as per the details on record.
In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/SHCIL/PO promptly.
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Are there any risks in investing in SGBs?
There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.